Singaporean-based payments investment firm Senjō Group has acquired the UK’s Kalixa from GVC Holdings for a total consideration of EUR29 million.

Operating out of offices in London and Vienna, Kalixa currently processes payments for more than 800 merchants. The company generated revenue in the financial year ended 31 December 2015 of €22.7 million.

Established in 2015, privately-held Senjō Group was first set up as a holding company for a portfolio of payments and financial technology companies with operations spanning Asia, Europe, North America and Africa with the aim of creating a scalable global payments network.

Gavin Lock, chief operations officer, Senjō, says the acquisition of Kalixa will provide a significant bridgehead in Europe: “The acquisition of Kalixa fits well within Senjō Group’s strategy of building out a global payments ecosystem. Senjō Group will provide Kalixa with access to a network in Asia and the benefits of being a part of a global specialist payments operator.”

Completion of the transaction is expected to close in Q1 2017. Kalixa will continue to process payments for GVC and its customers post-completion.